| [February 08, 2012] |
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Francisco Partners' Portfolio Company API Healthcare Acquires Concerro
SAN FRANCISCO --(Business Wire)--
Francisco Partners, a leading technology-focused private equity firm,
today announced the acquisition of Concerro through API Healthcare, an
existing portfolio company that provides workforce management technology
to the healthcare industry. Based in San Diego, Calif., Concerro is a
provider of software-as-a-service (SaaS (News - Alert)) staffing and scheduling systems
for healthcare. Through this acquisition, API Healthcare will expand its
market and accelerate its delivery of SaaS solutions.
"The acquisition of Concerro presents an opportunity for API Healthcare
to expand into new markets, primarily smaller hospitals and clinics, and
accelerate the path to SaaS for its workforce management technology,"
said Petri Oksanen, a principal at Francisco Partners who focuses on
investments in the software industry and serves on the board of
directors of API Healthcare. "Concerro boasts high KLAS scores - a
respected independent rating of healthcare technology - and we're
confident that together, the API Healthcare and Concerro teams will
deliver solutions that help increase efficiencies and lower costs for
the healthcare industry."
The combination of API Healthcare's integrated workforce management
solutions with the accessibility of Concerro's SaaS systems will provide
more options for healthcare organizations. It will enable large health
systems and small retail clinics alike to manage labor costs more
efficiently without diminishing patient care.
"Concerro's products and client base complement API Healthcare's
existing solutions and markets," said J.P. Fingado, president and chief
executive officer, AI Healthcare. "Working together, we will accelerate
innovation to help increase efficiencies and lower costs for the
healthcare industry."
The acquisition was completed on February 8, 2012. Financial terms of
the transaction were not disclosed. Wells Fargo (News - Alert) Securities, LLC acted as
financial advisor to API Healthcare.
About Francisco Partners
Francisco Partners is a leading global private equity firm focused
exclusively on investments in technology and technology-enabled services
businesses. With approximately $7 billion of capital raised to date,
Francisco Partners pursues structured investments in technology
companies, targeting investments in private companies, public companies
and divisions of public companies, with transaction values ranging from
$25 million to over $1 billion.
For further information, please visit: www.franciscopartners.com.
About API Healthcare
API Healthcare (www.apihealthcare.com)
is the largest healthcare-specific vendor focused on workforce
management solutions for the healthcare industry. Driven by the mission
to elevate quality and performance across the healthcare community
through innovative workforce solutions, API Healthcare has been
dedicated to the healthcare industry for 30 years. The company's
staffing and scheduling, patient classification, human resources,
payroll, time and attendance, business analytics, and staffing agency
solutions are used by more than 1,600 hospitals and staffing agencies.
Founded in 1982, API Healthcare has been rated by KLAS in the Top 20
Best in KLAS Awards Report (www.KLASresearch.com)
as the top time and attendance provider system for the last ten years
(2002-2011).
About Concerro
Concerro is a leading Software-as-a-Service (SaaS) company that helps
health systems effectively manage their workforce and mission critical
communications with online scheduling, open shift management, patient
acuity and emergency preparedness solutions. The company combines
strategic guidance and services with their full suite of clinical
solutions including RES-Q, ShiftSelect and CommandAware. Concerro has
won numerous awards and recognition, including being named to the
prestigious Inc. 5000 for four consecutive years, and receiving Red
Herring's 100 most promising private technology ventures in North
America and Best of SaaS Showplace (BoSS) awards. The Company is based
in San Diego, CA (News - Alert).
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